DBRS Confirms Ratings on Natixis S.A. Trade Receivables Transactions

DBRS, Inc. (DBRS) confirmed four ratings on three trade receivables transactions administered by Natixis S.A. (Natixis) as follows:

-- FCT Mercury Class C1 & C2 Units at A (low) (sf)
-- FCT Point P Class A3 Units at AA (sf)
-- FCT Point P Class B3 Units at AA (sf)
-- FCT Tresobat Class B Senior Units at A (sf)

The ratings address the timely payments of interest and ultimate payments of principal. The rationale for the confirmation of the ratings reflects the ongoing performance of the trade receivables transactions and the dynamic nature of the reserves, which adjust relative to the performance of the underlying receivables.

DBRS notes that the above press release was amended on May 17, 2019, to add a note about the ratings’ endorsement in the European Union. The amendment was minor and would not impact the understanding of the reader.

Notes:
The principal methodology is Trade Receivables, which can be found on dbrs.com under Methodologies & Criteria.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This rating is endorsed by DBRS Ratings Limited for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

The last rating action on this transaction took place on January 25, 2018, when they were all confirmed at their present ratings.

For further information on DBRS historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Matthew La Capra, Senior Vice President
Rating Committee Chair: Jerry van Koolbergen, Managing Director
Initial Rating Dates:

-- Initial Rating Date: FCT Mercury - March 31, 2009
-- Initial Rating Date: FCT Point P - December 23, 2013
-- Initial Rating Date: FCT Tresobat - April 3, 2013

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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